Thursday, January 25th the Board of Directors of Archer-Daniels-Midland Company (ADM) announced a quarterly dividend increase of from $0.45 to $0.50 per share that’s payable February 29, 2024 to holders of record February 8, 2024. This represents a 11.1% increase over the last quarterly dividend.
This is ADM's 369th consecutive quarterly payment, a record of more than 92 years of uninterrupted dividends.
With current price $52.05 (yesterday's close), this raise brings their dividend yield to 3.84%.
ADM is a Dividend Champions with a 49 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 12.5, 7.7, 6.1 and 9.0 (Dividend Champions.xls)
Since I own 85 shares of ADM, this will increase my portfolio's projected annual net dividend income by $12.67.
I was expecting an increase of about 6% and based on the earlier news I was prepared for a completely different announcement, so this increase was a really big surprise for me.
This is the 8th dividend increase I've received from Archer-Daniels-Midland Company since initiating a position in February 2016. During this period, the dividend has grown reasonably from $0.30 to $0.50 or 66.7%
This increase raises my YOC to 5.62%.
Summary of 2024 Dividend Increases / Cuts
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You can follow the development of my dividends here.
Full Disclosure: Long ADM
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